Sequoia Financial Advisors LLC Takes Position in State Street Co. (NYSE:STT)

Sequoia Financial Advisors LLC bought a new position in shares of State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,713 shares of the asset manager’s stock, valued at approximately $365,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC purchased a new position in shares of State Street during the fourth quarter worth about $27,000. Venturi Wealth Management LLC boosted its position in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new position in State Street during the 4th quarter worth approximately $35,000. State of Wyoming grew its stake in State Street by 51.3% during the 2nd quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after buying an additional 210 shares during the last quarter. Finally, Covestor Ltd increased its position in State Street by 69.2% during the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after buying an additional 234 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Trading Up 0.3 %

Shares of STT stock opened at $73.04 on Friday. The business’s fifty day moving average price is $73.99 and its 200 day moving average price is $72.37. The firm has a market capitalization of $22.05 billion, a PE ratio of 13.68, a P/E/G ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90.

State Street (NYSE:STT) last issued its earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business’s revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.07 EPS. As a group, sell-side analysts forecast that State Street Co. will post 7.91 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.78%. State Street’s payout ratio is currently 51.69%.

Insider Buying and Selling at State Street

In other news, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the transaction, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,864 shares of company stock valued at $1,390,597. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STT. Morgan Stanley increased their price objective on State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday. Royal Bank of Canada raised their price objective on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Keefe, Bruyette & Woods reduced their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. JPMorgan Chase & Co. raised their price target on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, Barclays boosted their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average target price of $84.04.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.